Hi,the agreement is in the name of the company & the director signs on its behalf. Once the vehicle is sold the agreement is settled by the borrower. I will be away from my desk for about an hour but will be back by 11am. Many thanks.

Hi, my concern is under the act this form of agreement is intended to protect the consumer .Commercial stock funding by this means appears irregular to me and I am worried that it may not be safe. Kind Regards.

If the agreements are for under £25k and are with a company they will still be governed by the CCA 1974.

The only thing to bare in mind is that because the agreements are between to Companies they are not "regulated" agreements. This is a technical difference but as the name suggests regulated agreements are subject to much more regulation.

The advantage you do have is, if your business turns over less than £2 million you have recourse to complaint to the Financial Ombudsman if these agreements go wrong.

The reason why these agreements fall under the CCA is because of how they have been structured, i.e as individual agreements.

Ask a Solicitor

Get a Professional Answer. 100% Satisfaction Guaranteed.

Solicitors are Online Now

Type Your Property Law Question Here...

characters left:

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.